Aon PLC has struck a $2.7 billion deal to divest the majority of NFP’s wealth management operations to private equity powerhouse Madison Dearborn Partners, the company announced Wednesday. The sale, guided by top Wall Street law firms, marks a decisive move in Aon’s plan to streamline its portfolio and double down on its core middle-market businesses.

The transaction carves out Wealthspire Advisors, Fiducient Advisors, Newport Private Wealth, and related platforms, Aon confirmed in a statement. Skadden, Arps, Slate, Meagher & Flom LLP and Dentons are advising Aon, while Paul Weiss Rifkind Wharton & Garrison LLP and Kirkland & Ellis LLP are representing Madison Dearborn. The closing is slated for the fourth quarter of 2025.

Strategic Shift and Capital Redeployment

Aon framed the sale as a tactical reshuffle to sharpen focus and free up resources for high-return ventures. CEO Greg Case emphasized that portfolio discipline is key to driving “sustained value creation and shareholder returns.”

“Through disciplined portfolio management, we are further strengthening our capital position while enabling greater flexibility for high-return growth investments,” Case said, while underscoring the firm’s ongoing commitment to its institutional retirement and investment consulting expertise.

New Leadership and Consolidation Ahead

Once the deal closes, the acquired firms will be rolled into a unified brand, steered by Wealthspire Advisors CEO Michael LaMena as chief executive and NFP’s Carl Nelson as president.

The transaction comes less than a year after Aon’s $13.4 billion acquisition of NFP in December 2023, which cemented its footprint in wealth advisory and benefits consulting.

Madison Dearborn’s Expansion Play

Madison Dearborn, a Chicago-based private equity titan that has raised more than $31 billion since 1992, sees the deal as a springboard for both organic growth and acquisitions in the wealth management sector.

“For more than twenty years, we have successfully generated value for our portfolio companies in financial services and are tremendously excited to welcome these outstanding businesses back to MDP,” said Vahe Dombalagian, managing partner and co-head of financial services at the firm.

The divested businesses provide a suite of wealth and financial advisory services, spanning retirement planning, portfolio management, and fiduciary consulting.

Deal Advisers

• UBS Investment Bank served as lead financial adviser to Aon, with Moelis & Co. LLC also advising.

• Goldman Sachs & Co. LLC advised Madison Dearborn.

• The Paul Weiss team guiding the buyer included partners Adam M. Givertz, Lukas Richards, and Matthew B. Collin.